GERMANY - Financial banking group SEB is bringing together the real estate business of its Scandinavian Corporate and Institution Division and of its German subsidiary SEB AG Group to better target German investors.
The real estate business of the two units operating in the Nordic region and in Germany has been brought under one roof to improve the existing services, said the head of group communications at SEB, Per Anders Fasth.
“We offer a good services, but by co-ordinating and integrating them, geographically, we can provide even better services,” Fasth said, adding the new unit was expected to be more efficient in product development.
Fasth said some of its institutional clients in Germany and the Nordic region had invested in real estate but the new business unit, Commercial Real Estate, would be based in Frankfurt, as SEB saw greater opportunities in Germany.
“The majority of our business in this field is actually in Germany, the majority of the people working with real estate clients is in Germany and we also see a good potential in the country,” he explained.
The Commercial Real Estate division is going to be operative from September 1 with more than 200 employees in the Germany and across Northern Europe. Liselotte Hjorth, currently head of group credits and responsible for group risk control, is going to head the unit.
She will also become a member of the Corporate &Institutions Management Group as well as member of SEB AG, the banking group said.
Her current deputy, Johan Andersson , has been appointed to succeed her at SEB’s Group Credits and Group Risk Control.
Separately, credit rating company Standard and Poor’s is looking for associates and associates directors to boost its commercial mortgage backed securities team in London.